01 | Central Bank of Iraq confirms dinar devaluation of about 15%

As of 2026-10-09, businesses that purchase in US dollars and sell in Iraqi dinars should immediately recalculate their pricing and cash flow at the new rates. The Central Bank of Iraq has confirmed that the dinar was devalued by approximately 15%, with the new rates taking effect on 2026-10-07: the Ministry of Finance sells US dollars to the central bank at 1,500 dinars per dollar, the central bank sells US dollars to banks at 1,510 dinars per dollar, and the cash selling rate to the public is 1,520 dinars per dollar.

The central bank said the adjustment is intended to support domestic industry, make Iraqi goods more competitive against imports, and attract investment into non-oil productive sectors. It also said its foreign reserves are sufficient to meet external transfer requests for trade finance, bank card settlements, and cash sales to travellers without restrictions.

Source: Iraq Business News, 2026-10-07

02 | Iraq suspends import duties on eggs, chicken and livestock

Importers of eggs, chicken and live animals for meat face lower duty and tax pressure for now, but the suspension period has not been announced, so procurement quotes should retain room for adjustment. The Iraqi government has ordered customs duties and taxes on these three categories to be postponed, and the Ministry of Finance has instructed the General Authority of Customs to stop collecting them. The measure is intended to stabilise the market and keep basic food affordable.

The decision followed an adjustment in the official public selling rate from 1,320 to 1,520 dinars per US dollar. A market survey cited in the report found that a box of 12 trays of eggs rose from 84,000 to 93,000 dinars on 2026-10-08. Sugar rose from 26,000 to 30,000 dinars, while rice increased from 65,000 to 72,000 dinars.

Source: The Insight International, 2026-10-08

03 | Iraq suspends advance collection of customs duties

Importers may reduce the short-term cash tied up in advance duty payments, but they need to update their customs payment arrangements. Iraq’s Ministry of Finance has suspended Cabinet Decision No. 413 of 2026, halting the advance collection of customs duties under that decision.

The change was made pursuant to Cabinet Decision No. 544, adopted at the meeting on 2026-10-06. That decision also adjusted the US dollar exchange rate against the Iraqi dinar to 1,500 dinars per dollar.

Source: Iraqi News Agency, 2026-10-07

04 | Iraq approves the 2026–2027 winter agricultural plan

Businesses involved in Iraq’s wheat, seed, pesticide, and fertiliser markets should revise their seasonal plans to reflect the new procurement price bands, subsidy coverage, and fertiliser duty deadline. Iraq’s Cabinet has approved the 2026–2027 winter agricultural plan, authorising the Ministry of Trade to purchase up to 4 million tonnes of wheat from all governorates except the Kurdistan Region.

For agricultural-plan areas of up to 1,000 dunums, the approved wheat purchase price is 700,000 dinars per tonne. Production from areas exceeding 1,000 dunums is priced at 500,000 dinars per tonne. Eligible irrigation sources include rain-fed, traditional surface irrigation, modern surface irrigation, and modern well-based irrigation.

The plan also provides a 70% subsidy on wheat seed sale prices and a 100% subsidy on pesticides for wheat crops within the plan. The 35% additional customs duty on imported urea fertiliser from all sources is suspended until 2027-02-28. The Ministry of Agriculture may purchase DAP fertiliser directly from manufacturers without intermediaries, while designated seed companies may accept and export fodder barley produced under the plan without subsidy.

Source: Iraq Business News, 2026-10-09

05 | UAE issues guidance on multinational enterprise top-up tax scope and registration

Multinational enterprise groups with entities in the UAE should test the EUR 750 million revenue threshold and the “at least two of four years” condition before determining registration and filing arrangements for their UAE entities. The UAE Federal Tax Authority has issued a guide on the scope and registration of the Top-up Tax on Multinational Enterprises. It explains the entities in scope of the Qualified Domestic Minimum Top-up Tax (QDMTT), excluded entities, registration procedures, timelines, and requirements for filing the Pillar Two Information Return.

The tax applies to Constituent Entities located in the UAE that belong to an MNE Group whose consolidated revenue reached EUR 750 million or more in at least two of the four Fiscal Years immediately preceding the Fiscal Year under consideration. Groups operating exclusively within the UAE are outside the scope of the QDMTT, regardless of revenue.

The UAE QDMTT applies to Fiscal Years beginning on or after 2025-01-01 and is designed to ensure that in-scope groups face an effective tax rate of at least 15% in each jurisdiction where they operate. The guide also addresses Permanent Establishments, Joint Ventures, Flow-through Entities, and Hybrid Entities. Scope and registration should be assessed against the Federal Tax Authority’s guide and the latest applicable legislation.

Source: Gulf News, 2026-10-07

Other updates

  • 08 | Egypt allocates more than 1 million square metres of tourism investment land in Hurghada: Egypt’s Tourism Development Authority has issued final land allocation decisions for 16 projects in the South Magawish Tourism Center, south of Hurghada, covering more than 1 million square metres for hotel, tourism service, and entertainment projects. (Source: Daily News Egypt, 2026-10-06)
  • 09 | Iraq pledges $2.7 billion to stimulate economic growth: The Iraqi government has introduced a package of funding and measures totalling 3.5 trillion dinars, or about $2.7 billion, to increase market liquidity, finance public projects, and support industries affected by disruptions to regional oil trade. (Source: Iraqi News, 2026-10-05)
  • 11 | Oman set to become the Eurasian Development Bank’s first Gulf shareholder: Oman has signed an agreement to join the bank and, if its accession is completed, will become its eighth shareholder and first member from the Gulf. (Source: The Times of Central Asia, 2026-10-07)
  • 12 | Dubai shared housing rules carry fines of up to Dh1 million: Dubai’s new shared housing framework covers permits, eligibility to rent and sublet, occupancy standards, approved areas, and penalties, with fines reaching Dh1 million. (Source: Gulf News, 2026-10-08)
  • 13 | Bahrain sets six conditions for expatriate work permit renewals: Bahrain’s Labour Market Regulatory Authority has published the renewal conditions. Applications must be submitted by a responsible or authorised employer representative registered in the regulator’s system, and workers in specified occupations must complete periodic medical examinations. (Source: Legit.ng, 2026-10-08)
  • 15 | Oman and GCC stakeholders pursue a joint digital logistics market: The parties are discussing a shared digital logistics market intended to improve the efficiency of trade and logistics services across GCC states. (Source: Muscat Daily, 2026-10-07)
  • 16 | Saudi Arabia allows highly skilled expatriates to apply concurrently for family visas: Eligible workers may apply for entry visas for their spouse, sons under the age of 25, and unmarried daughters while completing their own employment visa procedures. (Source: Saudi Gazette, 2026-10-06)
  • 17 | Mubadala plans to maintain $39 billion in annual investment with a focus on Asia: The Abu Dhabi sovereign wealth fund plans to invest $39 billion annually across market cycles and continue increasing its allocation to Asian markets including China, South Korea, India, and Japan. (Source: The National, 2026-10-07)
  • 18 | Bahrain specifies three requirements for expatriate work permits: The Labour Market Regulatory Authority has set conditions that employers must meet before applying for a foreign employee’s work permit, including cancelling any multiple-entry permit held by the applicant. (Source: Legit.ng, 2026-10-07)
  • 19 | Saudi Arabia clarifies eligibility for 99-year usufruct rights in Mecca and Medina: Premium Residency holders may obtain real estate usufruct rights in the two cities for up to 99 years, with deed procedures to be set by the Ministry of Justice and Ministry of Investment. (Source: YEN.com.gh, 2026-10-08)
  • 20 | UAE allows two categories of foreign residents a one-year extension: Foreign women who lose sponsorship following divorce or the death of a spouse, along with eligible children, may receive a one-year residence extension. The women do not need a new sponsor and may renew the extension once. (Source: YEN.com.gh, 2026-10-07)
  • 21 | Strait of Hormuz vessel traffic falls to a two-month low: Only 7 commodity ships passed through the strait on 2026-10-06, the lowest level in more than two months, while tanker attacks reached their highest weekly level since the Iran war began. (Source: The National, 2026-10-08)
  • 22 | UAE and Thailand conclude Comprehensive Economic Partnership Agreement negotiations: The two countries have completed negotiations, while bilateral non-oil trade reached $10.2 billion in the first half of 2026. (Source: Gulf News, 2026-10-08)
  • 23 | Bahrain sets five work permit rules for Golden Residency holders: The Labour Market Regulatory Authority’s rules cover one- or two-year permit terms, early renewal, employer changes, and investor exemptions. (Source: YEN.com.gh, 2026-10-07)
  • 24 | Iraq and the International Trade Centre develop a national trade policy framework: Iraq’s Ministry of Trade and the International Trade Centre are jointly developing a national trade policy and a National Trade and Investment Strategy, and have discussed priority sectors, themes, methodology, and work phases. (Source: Iraq Business News, 2026-10-09)
  • 26 | Abu Dhabi Global Market implements new fund and fund manager rules: ADGM has introduced new regulatory routes for managers of smaller private funds and funds available only to institutional investors, and revised the framework for foreign managers operating ADGM funds. The amendments took effect on 2026-09-16. (Source: A&O Shearman, 2026-10-08)
  • 27 | Türkiye drafts legislation to protect investors during fund liquidation: Lawmakers from the ruling party have prepared a bill intended to identify fund assets and ownership, limit liquidation losses, and distribute cash proceeds fairly among 455,578 investors. (Source: Hürriyet Daily News)
  • 28 | Oman uses its National Fintech Strategy to develop a digital growth engine: Oman has launched the strategy and a fintech portal, led by the Central Bank of Oman with the Financial Services Authority and other institutions to coordinate development of the fintech sector. (Source: International Finance, 2026-10-07)
  • 29 | Iraq’s customs digitalisation system lifts revenue to 3 trillion dinars: The General Authority of Customs said customs revenue rose to 3 trillion dinars in 2026 after implementation of the Automated System for Customs Data and that deployment at Kurdistan Region border crossings is approaching. (Source: Iraqi News Agency)
  • 30 | IEA members support faster release of reserve oil stocks: Members support accelerating the release of approximately 100 million barrels of previously agreed reserve oil stocks, with diesel inventories prioritised to ease pressure on energy markets. (Source: The National, 2026-10-07)

Last updated: October 2026. This content is for informational purposes only and does not constitute legal or tax advice.